Institute of Certified Public Accountants of Uganda
Member | Established: 1992 | Member since 1996
The Institute of Certified Public Accountants of Uganda (ICPAU) is a national professional accountancy organization established in 1992 by an act of parliament to regulate and maintain the standard of accountancy in Uganda, and to prescribe and regulate the conduct of all professional accountants and in Uganda. ICPAU is dedicated to serving the public interest by strengthening the profession and contributing to the growth and development of Uganda’s economy. With over 2,000 members, ICPAU’s membership represents accountants in public practice, education, government service, industry, and commerce.
Statements of Membership Obligations (SMOs)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
The ICPAU has direct responsibility for the quality assurance (QA) review system in Uganda and has adopted a system that is line with revised SMO 1 requirements. It provides training for QA review inspectors, updates the QA methodology, and reviews procedures on an ongoing basis. The ICPAU began the 3rd cycle of audit quality reviews in April 2014. The ICPAU also makes available IFAC implementation guides to its members, ensures that continuing professional development programs incorporate content on ISQC 1 and ISA, and also raises awareness through e-newsletters and seminars. Under the Accountants Act 2013, an independent Quality Assurance Board (QAB) was established and is responsible for audit quality monitoring and enforcing the QA regulations. The QAB will be operationalized when the regulations organizing its activities are issued by the Minister for Finance.
The institute is reviewing and updating the QA training program and content, linking the QA review and investigation to the disciplinary system, and conducting training for auditors on quality control and practice management. In addition, the ICPAU intends to develop guidance material to support small- and medium-sized practitioners.
The ICPAU works to ensure that the education and training requirements and programs comply with the revised IES requirements in accordance with its mandate under the Accountants Act 2013. The ICPAU’s Public Accountants Examination Board revised the initial professional development (IPD) syllabi for the two established pathways to the profession to align them with the revised IES, and introduced a new pathway (Certified Tax Advisor). In addition, the institute reports that it has updated practical training guidelines in line with IES 5 and that documentation processes are expected to be implemented by December 2017.
The Institute of Chartered Accountants of Scotland provides training and support for the ICPAU examinations. It has been noted that there are challenges in preparing students in remote areas for the examination due to difficulties in accessing relevant training materials.
Having updated the IPD requirements, the institute focuses on implementation and intends to: (i) develop study materials for each qualification; (ii) develop a system to monitor institutions providing accountancy education; (iii) review the accreditation of accountancy training providers, as well as identify and implement measures to improve the training that they provide; and (iv) assess, approve, and review practical training providers, and monitor the practical experience of applicants for membership. As part of these efforts, the ICPAU reports that it plans to share the revised IES with all accountancy education and training providers to raise awareness of the standards.
The institute is also enhancing the continuing professional development (CPD) program with an emphasis on monitoring compliance, including with IES 8 requirements, via an online system. To support successful implementation, the ICPAU plans to offer training for its staff and examiners, and to update members and other key stakeholders on Exposure Drafts and other pronouncements issued by the IAESB.
The ICPAU is encouraged to provide an update in its next Action Plan update on the status of the implementation of its practical training guidelines and documentation process. The ICPAU is encouraged to support a focus on the practical implementation of standards in CPD courses.
The ICPAU has direct responsibility for the adoption of ISA and, having adopted the standards on an ongoing basis, focuses on supporting member understanding and professional competence in implementing the standards. The institute reviews practicing accountants’ compliance with ISA, raises awareness of pronouncements, implementation guidance, and other resources prepared and issued by the IAASB, and publishes articles on the new auditor reporting requirements. The ICPAU has ongoing processes in place to ensure that initial professional development and examination syllabi are updated. The institute also participates in the international standard-setting process by forwarding comments on Exposure Drafts and consultation papers to the IAASB. The ICPAU plans to begin creating practice guides, manuals, and audit programs to assist SMPs with the implementation of ISA. In addition, the ICPAU will update training and continuing professional development requirements to incorporate new and revised standards, and provide necessary training.
The institute has direct responsibility for ethical requirements and reports that it has adopted the 2009 IESBA Code of Ethics alongside its existing Professional Code of Ethics and plans to issue secondary regulations to make the IESBA Code legally binding. The ICPAU raises awareness of its Code and available resources and offers training to assist with implementation. It provides a summary of IESBA Exposure Drafts and other pronouncements to keep members informed about international developments and elicit member feedback. In addition, its revises the various syllabi to update material on ethics-related topics. The institute is developing guidance and support materials for members that will be available on its website. Additionally, the ICPAU plans to update the continuing professional development program and training materials to improve alignment with the IESBA Code.
The ICPAU is encouraged to provide an update in its next Action Plan update on the status of adoption of secondary regulations to implement the Code.
The ICPAU has shared responsibility for the adoption of public sector accounting standards, and plays a leading role in promoting the adoption of IPSAS in Uganda by advising the government on public financial management. All IPSAS have been adopted without modifications. Since 2007, the Uganda Government’s Financial Management Accountability Program has been leading the Public Financial Management reform. The ICPAU states in its 2016 SMO Action Plan that it continues to work closely with the Accountant General (the public sector accounting standard setter) to design an implementation roadmap, and that it ensures that its education syllabus incorporates standard-related content. The institute intends to contribute to building professional competence to apply the standards by conducting IPSAS Train-the-Trainer workshops and developing training materials.
The institute raises awareness and knowledge of the standards and provides periodic summaries to members on the Exposure Drafts and Consultation Papers issued by the IPSASB.
The institute has direct responsibility for the investigation and discipline of its members for professional misconduct and non-compliance with professional standards, and has an established system that has been reviewed and is line with the revised SMO 6 requirements. The ICPAU is now in the process of developing and issuing secondary regulations to further enhance the I&D process. It plans to educate members and the public on the new requirements with public campaigns, news articles, and press releases. In addition, the institute publishes a report on the Disciplinary Committee’s activities and significant cases.
The ICPAU is encouraged to provide an update in its next Action Plan update on the status of adoption of the secondary regulations.
With direct responsibility for the adoption and implementation of IFRS and having fully adopted the standards, the ICPAU has a number of ongoing initiatives that support the implementation of the standards. The institute shares updates on new and revised standards issued by the IASB. Also, it conducts training on IFRS in its continuing professional development (CPD) programs to bolster its members’ capacity to implement the standards and liaises with accountancy training providers to include standard-related topics in the initial professional development programs. The ICPAU states in its SMO Action Plan that, in 2016, it will update training and CPD material to incorporate new and revised IFRS and IFRS for SMEs requirements, as well as deliver IFRS training workshops to education providers. The institute participates in the international standard-setting process by providing comments on IASB Exposure Drafts.
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.